China announced .25 basis rate cut to stimulate its sleeping dog economy. Have to feed the dog or it will bite you.
So...Indices went ballistic at 7am.
Worst is over??
Not according to Russell my brother. If he doesn't get with the program no telling what will happen. Draghis commitment yesterday to increase bond purchases gave markets around the globe a much needed boost. AMZN GOOG had awesome earnings and FB went well above $100 after the close.
But Russell is not even close to its 200ma. He must get back up to $120 level before I'm convinced.
Shorted VRX $117.43
Out at $114.43
Long ES at the $64
Out at $70.25 for a nice trade today.
CL was a little choppy with a narrow range but managed to get $144.
It's a huge miss. Share price takes the hit from $149.22 dropped to $141.79.
Earnings today have been less than enthusiastic. Morgan Stanley reported dry as a hump earnings across all of its desks.
What does this tell us? Not much since the Fed trades in every asset class now. Central banks will raise rates a .25 basis point only to cut at the next meeting if conditions warrant. Fed lady Nester? said as much today. I say why bother raising then?
Consumer prices fall 0.2%. Deflation equates to QE cometh. These jokers are clueless. INFLATION came and went with the crisis, except for college costs which are inflated because professor dumbass is too fat. That train wreck is fast approaching unless they let us all declare bankruptcy for the university tax write off. A significant drop in wages will keep deflation on the table for a very long time. So get over it.
API crude inventories were through the rooftops at +9.3mil
Crude inventories out at 11:00am. Could go either way.
Chicago is bankrupt. Illinois needs to throw in the towel with pensioners. Pensioners don't get it: tax payers and bond holders pay your nut. So stop whining and accept the haircut like the rest of your citizenry.
Admittedly, I am casting my vote for Hillary regardless of the debates or anything else. I supported her not Obama, but voted accordingly when push came to the shoving.
For months I have been surprised at Sanders' resonance with the voters. Until last nights debate, I was beginning to think I'd have to live with Trump. A non politician may not be so bad in the end, but Trump? Come on.
Flash forward to the democratic debate and my fears have been happily crushed. Bernie was great and his stance on no more emails and Behngazi solidified my hope in the democratic process.
But Hillary was greater and the only "person" in the nation who can lead us into the next cycle of the unknown of so many fronts. She was clear, concise and commanding on all issues. Her performance should have put the fear back in the pubbys living room.
If Biden enters the race I will not vote for him. He had his chance when he was caught plagiarizing in college. Hillary is due and deserves democrats undying support for all the crap she has had to endure. She's earned it.
Bernie is compelling if only because he's unwavering in his commitment to democratically held values at our core. But that's not who will get elected. It didn't elect Obama and it won't elect Bernie. Biden knows this which is why he's trying to weasel in this late in the game. Using his son's death has not gone unnoticed by this compatriot. I share his loss but I do not condone his chicanery with the political winds. Hillary supported the President and Vice President, gaffes and all. It's high time they both support her and ensure that the first black mans ascension is supplanted with another first: the first Madame President and the first First Man of this United States.
It will be a busy week with lots of volatility: Personal Income, Pending Home Sales and Dallas Fed Manufacturing on Monday, Redbook, Case Shiller Home Prices and Consumer Confidence on Tuesday, Chicago PMI and Crude Inventories and Yellen speaking at 2PM on Wednesday, Jobless claims, PMI Manufacturing, ISM and Construction spending on Thursday and end of month window dressing, the big Jobs numbers, Factory Orders and a slew of fed squawkers on Friday. Should be interesting to say the least.
SPY has to get above 195 and 197.50 in order to attempt a break above 205.00.
I believe banks are key right now if JPM can get above $62.50. An increase in rates is helpful to banks, they can earn more money on their loans. But due to global uncertainly, and not just in China, JPM continues to support a bearish bias down to $32.
Crude is also weighing on indices, especially the SPY which is heavily weighted in energy.
If oil cannot get above $47.50 and continue upward, then a retest of the $40 level is in play, which could lead finally to the $30-20 price that traders have been concerned about all year long.
Say what you will, but in my opinion, the only CEO from the crisis that doesn't deserve jail (let alone cancer, but who does except maybe Rumsfeld or certain ex-husbands who will remain nameless...) is Blankfein, head of Goldman Sachs.
We find out today:
Business News | Tue Sep 22, 2015 1:27pm EDT
Goldman CEO Blankfein says has 'highly curable' form of cancer
Lloyd Blankfein, the chairman and chief executive officer of Goldman Sachs Group Inc, said on Tuesday he had a "highly curable" form of cancer and would be able to work mostly as normal during treatment.The
veteran Wall Street boss, who navigated the U.S. investment bank
through the financial crisis, told employees and shareholders he would
undergo chemotherapy for lymphoma over the next several months in New
The bank's shares
slid 2.6 percent to $178.56 after the surprise announcement, which puts
Goldman's succession plans under the spotlight, although the market was
Blankfein, 61, is undergoing treatment, other senior bank officials,
including his top deputy, Chief Operating Officer Gary Cohn, will assume
some of his responsibilities in dealing with the public, a person
familiar with the matter said.
who is seen as the most likely successor to Blankfein if he left his
post in the near future, replaced his boss at the last minute at a
public discussion in New York on Monday night.
firm has a number of long-serving senior executives, including Vice
Chairman Michael Sherwood, investment banking co-head David Solomon,
Chief Financial Officer Harvey Schwartz and Chief Strategy Officer
Stephen Scherr, who investors said offered stability.
culture of the firm transcends one person," said Mike Donnelly, senior
vice president and portfolio manager at CS McKee, which manages $10.5
billion and owns Goldman shares.
Blankfein has done a great job and embodies the culture, but in terms
of this changing the investment thesis given the valuation, no
statement, Blankfein said he underwent tests after not feeling well in
late summer. He did not disclose the type of lymphoma, a cancer that
affects the immune system, or how advanced it is.
received a final diagnosis on Monday around midday, and informed
Goldman's board of directors around 4 p.m. EDT (2000 GMT), the source
has led what is viewed as the most powerful U.S. investment bank since
2006, and bank executives say he has never hinted at when he might
retire or his plans after Goldman.
New Yorker is credited with helping to keep the firm afloat during the
financial crisis with an early decision to rein in exposure to risky
mortgage-backed securities and a successful appeal to Warren Buffett to
invest in the firm during the chaotic days after Lehman Brothers went
role in the U.S. housing bubble and the billions of dollars paid out in
bonuses to its top staffers have made the firm a magnet for popular
anger about Wall Street. Rolling Stone magazine once referred to the
firm as the "vampire squid" of finance.
a former chain-smoking gold trader, has helped improve the bank's
public image and make the transition from a pure investment bank to one
with a greater exposure to commercial lending.
No. 2, Cohn, has followed a similar career path as his boss. Like
Blankfein, Cohn got his start at commodities firm J. Aron & Co,
which Goldman then acquired. He has been COO as long as Blankfein has
been CEO and is 6 years younger.
life is a classic rags-to-riches story. Born in the South Bronx and
raised in a housing project in the East New York neighborhood of
Brooklyn, he worked his way through Harvard College and Harvard Law
School, helped by financial aid.
disclosure comes a little more than a year after JPMorgan Chase &
Co CEO Jamie Dimon said he had throat cancer. Dimon continued to lead
the bank during treatment.
Dimon wished his rival a fast recovery on Tuesday.
is cancer that begins in the lymphatic system, which is a part of the
immune system that carries away waste and transports white-blood cells
that attack disease. It can occur as Hodgkin lymphoma, which has a
five-year survival rate of about 86 percent, or non-Hodgkin lymphoma,
which has a five-year survival rate of about 70 percent.
Len Lichtenfeld, an oncologist who is deputy chief medical officer of
the American Cancer Society, said chemotherapy is the main treatment for
both Hodgkin and non-Hodgkin disease. Individuals in their 60s and 70s
are more likely to have the more common and harder-to-treat non-Hodgkin
variety of the blood cancer, which affects the body's infection-fighting
white blood cells, he said.
Depending on where enlarged lymph nodes are found, and their size, he said doctors may use radiation as well as chemotherapy.
are many people who are dealing with cancer every day," Blankfein said.
"I draw on their experiences as I begin my own. I have a lot of energy
and I'm anxious to begin the treatment."
(Reporting by Olivia Oran in New York and Richa Naidu in Bengaluru;
Additional reporting by Ransdell Pierson in New York; Editing by Dan Wilchins, Kirti Pandey and Jeffrey Benkoe)
Well, I pretty much nailed the high of the SPY a few weeks ago. I also said we could retest the lows.
Here we are: ON OUR WAY
Retail sales sucked today in Redbook.
Tsipras is AGAIN Prime Minister of bankrupt Greece.
China is too lackadaisical in its attempts at QE, according to the US anyway.
Market unable to build steam above its 200 day moving average due to the Feds inability to do something?
Need I say more??
I fully expect a retest of the low and a low of 1700 before all is said and done.